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Accounting MCQs

Commerce Objective Questions

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407. The parties to joint venture are called
A. Friends
B. Principal and agent
C. Partners
D. Co-ventures
Discussion
408. Accounting Standards Board of India was established in the year
A. 1970
B. 1972
C. 1973
D. 1977
Discussion
409. Which of the following are prepared by the organisations keeping only incomplete accounting records?
I. Cash book
II. Customer's Accounts
III. Expenses Accounts
IV. Day Books
Choose the correct answer using the options given below:
A. I, II and III
B. I, II and IV
C. I, III and IV
D. II, III and IV
Discussion
410. Manager's commission is given at the rate of 10% on the profits after giving commission to him. If the profit before giving commission is Rs. 1,54,000, then payable commission will be
A. Rs. 14,000
B. Rs. 15,000
C. Rs. 16,000
D. None of the above
Discussion
411. If at the end of a financial year capital is Rs. 20,000, drawing during the year is Rs. 10,000, capital at the beginning of the year is Rs. 12,000, additional capital introduced during the year is Rs. 14,000. Then find net profit for the year?
A. Rs. 5,600
B. Rs. 3,200
C. Rs. 4,000
D. Rs. 4,200
Discussion
412. Variable cost ratio is 30%, fixed cost is Rs. 63,000. The break even point will be
A. Rs. 81,900
B. Rs. 90,000
C. Rs. 18,900
D. Rs. 71,100
Discussion
413. Wages paid to workers must be debited to . . . . . . . . account.
A. Wages
B. Machinery
C. Factory expenses
D. Offices expenses
Discussion

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